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Committee publications

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The 2024 scheme: the advent of Green Hydrogen Hubs in India

India’s Ministry of New and Renewable Energy has published its ‘New Scheme Guidelines for Setting up Green Hydrogen Hubs under the National Geen Hydrogen Mission’ on 15 March 2024 which aims to encourage the establishment of Green Hydrogen Hubs and usher in their integration into the renewable energy eco-system. These hubs will be funded by the Central government in collaboration with State governments, local authorities and the private sector in order to propel the market for Green Hydrogen in India.

Released on Jun 4, 2024

Sanctions clauses in international contracts with a Russian nexus

Over the past few years, there has been an obvious trend towards strengthening and expanding sanctions restrictions. However, despite the geopolitical environment, Russia remains attractive for foreign businesses. In this regard, properly drafted sanctions clauses may help adapt commercial contracts in the current climate, reduce sanctions risks and associated consequences and ensure that business functions in full compliance with the legislative requirements in practice.

Released on Jun 4, 2024

The changing social tides in Southeast Asia

The recent introduction of a bill advocating the legalisation of same-sex marriage in Thailand is a significant milestone in the country’s ongoing pursuit of LGBTQ+ equality. This progressive proposal underscores Thailand’s dedication to human rights and strengthens its reputation as a beacon of acceptance in Southeast Asia. If passed into law, the bill not only will grant equal rights to LGBTQ+ citizens but also enhance Thailand’s status as an inclusive destination for all global travellers. This legislative initiative reflects a broader societal shift toward tolerance and inclusivity, and paves the way for a future where all individuals are respected and treated equally under the law.

Released on Jun 4, 2024

Indian Supreme Court sets aside half a billion dollar arbitral award to ‘cure’ miscarriage of justice

The Supreme Court of India, in its recent judgment in Delhi Metro Rail Corporation Ltd v Delhi Airport Metro Express Pvt Ltd, set aside an arbitral award on grounds of patent illegality. This judgment was delivered in a curative petition, which is a final remedy, exercised in the rarest of rare cases by the Supreme Court. This article analyses the reasoning of the Supreme Court to set aside the arbitral award, and the pitfalls of such a decision in a curative petition.

Released on Jun 4, 2024

Valuing the ‘new oil’: the intersection of international data valuation practice and regulatory regimes

The financial valuation of data – an intangible asset – is an emerging area of increasing strategic significance. While many factors influence data value, this article explores the lesser known interplay between data regulation and data valuation, while also considering key requirements of the International Valuation Standards (IVS) and key value drivers of data. Such considerations may be pertinent for practitioners in transactional, insolvency, regulatory and disputes contexts.

Released on Jun 4, 2024

European updates: Portugal, the Netherlands, and England and Wales

Class actions updates from Europe, featured in the IBA Class Actions Committee May 2024 newsletter.

Released on Jun 4, 2024

2024 elections: will the BJP winning this election achieve unprecedented governance stability in India

There can be no doubt that the Bharatiya Janata Party (BJP) has impacted India in the past decade in multiple ways and has potentially changed the ‘Indian mindset’. This article focuses on the legal reforms and changes brought by the BJP in India and whether BJP winning the 2024 elections is indicative of unprecedented stability in governance.

Released on Jun 3, 2024

Corporate governance news from Italy’s capital markets

This article focuses on certain new provisions regarding the governance of listed companies as recently introduced by Italy’s new Capital Markets Law. It mainly focuses on the governance of listed companies and, particularly, on the appointment of management bodies on the basis of a list presented by the outgoing board of directors; and increased-voting shares and multiple-voting shares.

Released on May 29, 2024

The telecommunications industry in Pakistan: growth, challenges and opportunities

Pakistan's telecommunications business has expanded significantly in recent years, spurred by rising demand for low-cost cellular services. The spread of mobile and broadband networks, as well as government attempts to improve infrastructure and promote competition, have all played important roles in this development. The sector's rise was notably pronounced during and after the Covid-19 pandemic, which considerably increased e-commerce and as a result, demand for connectivity. Despite these developments, the industry continues to face policy-based and operational hurdles which have hampered increased investment.

Released on May 28, 2024

LGPD development in Brazil: ANPD Resolution No 15/24

The Brazilian General Data Protection Law (LGPD) represents a significant milestone for data protection in Brazil, aligning itself with international standards and providing a solid legal framework for the privacy of personal data. As a part of this process, Resolution CD-ANPD No 15, of 24 April 2024, has emerged as a crucial regulation that establishes the procedures for reporting security incidents. This article will analyse the main aspects of this resolution, assessing its strengths, limitations, impacts and suggesting possible improvements.

Released on May 28, 2024

How do the OECD and the UN address international tax issues (past, present and future)?

The panel discussed how the Organisation for Economic Cooperation and Development (OECD) and the UN address international taxation concerns, starting with a look at the approach adopted in the past up to the present day, recent developments concerning the OECD’s Global Minimum Corporate Tax Rate, followed by an analysis of the solutions provided by both the OECD and the UN to address the tax challenges arising from the digitalisation of the economy. The likelihood of cooperation between the two organisations was also discussed. The panel also presented the perspectives of India and the US on these issues.

Released on May 27, 2024

Sustainable Law in Action: ESG Conference – February 2024

In this special edition of the Sustainable Law in Action podcast, Sara Carnegie, IBA Legal Projects Director, and barrister Melissa Murphy KC, speak with expert panellists at the IBA’s 2024 ESG Conference about the role of lawyers in the ESG (environmental, social, governance) space, and the challenges and opportunities facing businesses and law firms in this evolving and increasingly politicised area.

Released on May 27, 2024

Investment opportunities and incentives in Pakistan’s electric vehicle sector

Due to the increasing prices of traditional fuel and deteriorating environmental health at a global level, it is imperative for the world to consider shifting towards electric vehicles (EVs). This transition has been the centerpiece of all conversations in the automobile in-dustry against the backdrop of climate change, sustainability, energy transition and capaci-ty building for the adoption of newer technologies that safeguard the environment while creating new business opportunities.

Released on May 23, 2024

Navigating new terrain: key updates in Jordan's technology-related legal framework

The rapid proliferation of technology and artificial intelligence (AI) has significantly influenced global markets, necessitating robust regulatory frameworks. This article explores Jordan's agile response through the enactment of the Jordanian Cybercrimes Law (Law no 17 of 2023) and the Personal Information Protection Law (Law no 24 of 2023). These laws not only criminalise certain online activities and protect personal data but also position Jordan as a regional leader in addressing the dual imperatives of innovation and security in the digital age.

Released on May 23, 2024

IBA hosts largest transnational crime conference to date

The 26th Transnational Crime Conference, which took place between 8–10 May 2024 in Milan, Italy, was a resounding success. In fact, it has become the most well-attended international criminal law conference in the IBA’s history!

Released on May 21, 2024

ESG in M&A: practical comments from the Polish perspective and an invitation to consider further

There’s still relatively little discussion about ESG in the context of mergers and acquisitions (M&A). Should there be a place for ESG in something as profit driven as an M&A transaction? Are there any junctions between ESG and M&A, and if so, should they influence transactional processes from both the buyer’s and seller’s perspective?

Released on May 20, 2024

Austrian foreign direct investment regulations continue to impact cross-border M&A deals

On 10 April 2024, the Austrian Foreign Direct Investment (FDI) authority submitted a report to the Austrian parliament indicating, among other findings, that: (1) the number of FDI filings has substantially increased, (2) that the Austrian FDI authority takes an active role in this regard (including requesting the submission of FDI filings), and (3) the authority carefully reviews cases (often Phase 2 proceedings). This article assesses FDI regulations in Austria in this context.

Released on May 20, 2024

Directive (EU) 2019/2121 on cross-border conversions, mergers and divisions: changes to Portuguese legislation

In December 2023, Portugal adopted and transposed the provisions of Directive (EU) 2019/2121 regarding cross-border conversions, mergers and divisions into Portuguese law. This article highlights such changes and possible difficulties in regard to its applicability.

Released on May 20, 2024

Innovation drive: Chile’s leap forward in regard to the country’s venture capital dynamics

This article provides an examination of Chile’s recent initiatives and their potential impact on the venture capital industry.

Released on May 14, 2024

Navigating economic challenges: the rise of acquisitions as a strategic option for Pakistani startups

Amidst the economic slowdown, Pakistani startups are dealing with capital raising and are looking towards acquisitions as a way to cash in.

Released on May 14, 2024

Foreign direct investment: the legal framework in Poland

The new foreign direct investment regime, introduced in Poland in 2020, established a foreign investment screening mechanism enforced by the Polish Competition Authority (PCA). The new foreign direct investment regime, which supplements the investment control regime regulated by the Polish Act on the Control of Certain Investments dated 24 July 2015 (‘the Polish FDI Act’) and enforced by the relevant ministries, involves a limited number of strategic entities and is applicable regardless of the investor’s ‘nationality’. The new regime was introduced in response to the Covid-19 outbreak, for an initial period of two years. However, in mid-2022 the Polish parliament decided to extend this new regime for a further three years, ie, until July 2025.

Released on May 14, 2024

Deferred consideration by ‘foreign owned or controlled’ Indian companies – regulatory overhang

After the Reserve Bank of India issued notices to a few ‘foreign owned or controlled’ Indian companies for deferring part of the consideration payable in regard to their downstream investments in other Indian companies, Indian transaction advisors are faced with a dilemma. Structuring deals with deferred consideration for acquisitions through ‘foreign owned or controlled’ Indian companies has become a risky proposition. This article argues that a complete ban on this practice is not only commercially impractical, but also potentially misaligned with the original regulatory intent.

Released on May 14, 2024

The same, but different? The new Flexible Capital Company in Austria

The introduction of the Flexible Capital Company (Flexible Kapitalgesellschaft, FlexCo) as a new form of company, as of 1 January 2024, constitutes a landmark moment in the history of Austrian corporate law. The FlexCo has many similarities to the Gesellschaft mit beschränkter Haftung (GmbH), which is the standard domestic private limited liability company that was introduced over a century ago. In fact, the FlexCo Act contains a general reference to the provisions applicable to the GmbH for all matters not regulated therein. After five years of political negotiations over several legislative periods, Austria introduced the FlexCo to provide a dynamic, ‘flexible’ alternative to the GmbH, in particular, to address the needs of the entrepreneurial founder community. In addition, the introduction of the FlexCo has also prompted a number of changes to other Austrian regulations.

Released on May 14, 2024

Securing your stake: navigating minority shareholder rights in Spanish sociedades limitadas

This article explores the essential rights of minority shareholders in Spain’s venture capital and private equity sectors, focusing on the integration of statutory protections and negotiated contractual rights within investment agreements. By detailing both the statutory and contractual frameworks available, this paper explains how these rights safeguard investments and promote equitable participation, thereby enhancing the attractiveness of Spanish markets to foreign investors.

Released on May 14, 2024

The revenge of the ‘Russia roulette’ clause

Imported into Italy, France and Europe from the Anglo American legal practice to solve the crisis of governance in 50/50 joint ventures, after a period of slow use, the ‘Russian roulette’ clause has taken its revenge through several recent court decisions, which have confirmed its validity under Italian and French law.

Released on May 14, 2024

Unlocking corporate deadlock: controlling the gamble

Within the intricate tapestry of corporate governance, conflicts and disagreements are inevitable. However, when these tensions escalate to the point of impeding decision-making and paralysing the functioning of a company, they give rise to what is known as corporate deadlock. The manner in which shareholders choose to solve deadlocks is essential for preserving the functionality and long-term viability of companies.

Released on May 14, 2024

The importance of foreign-owned or controlled companies in India and the need for a more lucid regulatory framework to govern them

Foreign-owned or controlled companies (FOCCs) play a vital role in attracting foreign investment into India by enabling multinational corporations (MNCs) to consolidate their businesses in India, and buyout private equity funds are crucial in setting up investment platforms for making further investments in India through bolt-on merger and acquisition (M&A) activity. Yet, Indian exchange control regulations governing FOCCs continue to be riddled with ambiguity, thus creating inconsistencies and posing practical challenges, especially when structuring M&A transactions. This article sheds light on the strategic importance of FOCCs in attracting foreign investment into India and the major lacunae in India’s exchange control regulations governing FOCCs, which continue to pose challenges for investors.

Released on May 14, 2024

The IBA ESG conference and the evolving role of lawyers in sustainability due diligence

In February 2024, the IBA hosted an Environment, Social and Governance (ESG) conference, presented by the IBA North American Regional Forum and the IBA Energy, Environment, Natural Resources and Infrastructure Law Section, which took place in New York City. The conference featured a variety of cutting-edge panel discussions on ESG, including a panel session on ‘Due diligence and ESG – identifying new requirements and key risks for clients’.

Released on May 7, 2024

Unlocking potential: legal and regulatory dynamics in Pakistan's digital health industry

Pakistan's healthcare landscape is undergoing a transformative shift propelled by the burgeoning digital health sector. With the advent of innovative technology and an increasing desire for effective healthcare solutions, the nation is witnessing the rise of digital platforms, telemedicine services and health information systems. Despite this positive progress, the sector faces some legal and regulatory challenges.

Released on May 3, 2024

Urgently advocating for the establishment of the Special Tribunal for the Crime of Aggression against Ukraine

Russia’s war against Ukraine is an extraordinary genocidal war of aggression, an act with the sole purpose of eradicating Ukrainian culture, history, language, and the entire state

Released on May 2, 2024